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Friday,10 June 2022 at 15:45
confidence in the Bank of England has slumped to an all-time low in another
setback for its Governor, Andrew Bailey.
For the first time, more people are dissatisfied than satisfied with
Threadneedle Street’s efforts at controlling inflation, according to the Bank’s
quarterly inflation attitudes survey. Just 25pc of respondents said they
were pleased with the Bank’s performance, the lowest since the survey began in
The public is also the most pessimistic about inflation on record, anticipating
price increases of 4.6pc in the shops over the next 12 months.
The results turn up the heat on Mr Bailey and the Monetary Policy Committee,
which is expected to bump interest rates to 1.25pc at its meeting next week.
UK inflation reached 9pc in the year to April, the highest reading in 40 years
and four-and-a-half times the Bank’s 2pc target.
UK & European stocks
fell further as investors reacted to the European Central
Bank’s latest policy decisions and a hotter-than-expected U.S. inflation print.
The dollar rose
to a near four-week high against a basket of currencies, after data showed U.S.
consumer prices accelerated in May, suggesting the Federal Reserve may have to
continue with interest rate hikes through September to combat inflation.
as China imposed new Covid-19 lockdown measures and U.S. consumer prices rose
more than expected, but crude prices remained on track for another weekly gain
due to solid demand for fuels in the United States.
Goldprices fellmore than 1% after a jump in U.S. inflation bolstered expectations that the
Federal Reserve would continue aggressive interest rate hikes, boosting the
dollar and sending bond yields higher.
FTSE 100 7,317 (-2.12%)
FTSE 250 19,725 (-1.73%)
DAX 13,761 (3.09%)
Dow Jones 31,493 (-2.42%)
S&P 500 3,905 (-2.80%)
NASDAQ 11,343 (-3.49%)
UK 10-YR YIELD 2.433
Gold $1,861 +0.75%
Brent $120.63 (-1.77%)
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.